# #363 Danielle DiMartino Booth: Powell's 'Patriotic' Stand Protecting Fed Independence, Fed Should Cut Despite Oil Prices, and Flirting With Liquidity Crisis as Non-Banks Too Big to Fail

Page: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/363-danielle-dimartino-booth-powell-s-patriotic-stand-protecting-fed-independence-fed-should-cut-despite-oil-prices-and-flirting-with-liquidity-crisis-as-non-banks-too-big-to-fail
Text version: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/363-danielle-dimartino-booth-powell-s-patriotic-stand-protecting-fed-independence-fed-should-cut-despite-oil-prices-and-flirting-with-liquidity-crisis-as-non-banks-too-big-to-fail.md
Podcast: [The Julia La Roche Show](https://stenobird.com/podcast/the-julia-la-roche-show-5842803)
Published: 2026-04-30T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/363-Danielle-DiMartino-Booth-Powells-Patriotic-Stand-Protecting-Fed-Independence--Fed-Should-Cut-Despite-Oil-Prices--and-Flirting-With-Liquidity-Crisis-as-Non-Banks-Too-Big-to-Fail-e3ilrup
Audio file: https://traffic.megaphone.fm/APO5566315268.mp3
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Duration seconds: 2337

## Resource

In this episode, Danielle DiMartino Booth, CEO of QI Research and former Fed insider, explains why she's "less fed up" despite disagreeing with Fed policy - praising Jerome Powell's decision to stay on as governor to protect Fed independence, drawing parallels to Marriner Eccles' 1948 stand against President Truman. Danielle calls Powell's move "patriotic" while warning we're "flirting with a liquidity crisis" as non-banks have become "too big to fail." She discusses the challenges Kevin Warsh will face as incoming chair, argues the Fed has failed its employment mandate, and explains how the economy cannot withstand persistently high oil prices and interest rates simultaneously. Links: Danielle's Twitter/X: https://twitter.com/dimartinobooth Substack: https://dimartinobooth.substack.com/ YouTube: https://www.youtube.com/@DanielleDiMartinoBoothQI Fed Up: https://www.amazon.com/Fed-Up-Insiders-Federal-Reserve/dp/0735211655 Timestamps: 0:00 Introduction - Fed day with Danielle DiMartino Booth 0:32 Powell's last time at the podium - Takeaways 1:48 The Eccles parallel - Fed independence fight in 1948 2:39 Why Danielle is "less fed up" today 2:57 The Powell move - Staying on as governor 4:20 Risk of being perceived as shadow Fed chair? 5:39 Triple hawkish dissent 6:16 Unprecedented dissent levels - Early resistance signs? 7:57 Powell's legacy and how it changed today 9:22 The Eccles legacy - Established as governor, not chair 10:27 Powell's move was "patriotic" - Protecting Fed independence 11:27 What is your read on Kevin Warsh? 12:48 Liquidity crises take precedence - The Mike Tyson test 13:40 0% chance of rate cut - Should they have cut? 14:47 Fed has failed its employment mandate 16:48 Oil prices and disinflatio…

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